Cedar Rapids Weather
Iowa May Boost Tax Breaks for Fertilizer Plant
DES MOINES, Iowa (AP) — State economic development officials and Lee County supervisors are meeting separately to increase tax breaks and other incentives for a company based in Egypt that wants to build a fertilizer plant in Iowa.
The $1.4 billion project proposed by Orascom Construction Industries would be the largest single capital investment ever in Iowa and Gov. Terry Branstad has scheduled a Wednesday afternoon news conference to discuss it. The state economic development board Wednesday will consider boosting incentives to more than $110 million. Lee County will provide tax abatements and other financial incentives that could include road and rail improvements. Critics of the project say the state is spending too much on a project that creates 165 jobs. The plant would make nitrogen-based fertilizer and other products to sell to Midwest farmers. |
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